FI forums for Simple People

[Time2]

Wow!
And you probably walked uphill in the snow to and from work!

My dad did that too!

 

[Gumby]

Wow!
And you probably walked uphill in the snow to and from work!

To be fair, I was joining the Navy. They fed me, housed me, clothed me and paid me a tiny amount of money. But I have been entirely financially independent ever since that day.

 

[38Chevy454]

Good discussion here. Lot of good practical advice and real life applications.
For OP, the principles of LBYM and pay yourself first, apply no matter if you make $40k, $140k, or $240k and more. Additionally the magic of compounding works the same whether you save $50, $500, or $5000 and more each month.
The differences are you have proportionally more accumulation. But the math and principles work at all levels. The government even gives breaks at lower levels that are not available to higher levels.

 

[FANOFJESUS]

Does anyone know of any online forums where the majority of the members are people like myself who are Low Class or Lower Middle Class who would like to try and obtain FI?

In my Google search, I have only found forums like this one and others that are geared more for Rich people. Thanks for your help.

We live on 22k and some people here beat us on our budget. Others on here might spend 10 times that but all income levels are here. I think a few on here spend 300k a year. I get a kick out of those folks for some reason. I think they get a kick out of me too. I wanted to retire young that was my main goal. The yearly income was not super high on my list. I remember talking to a guy that retired on 300k at 60. I retired on 22k at 38. He had a fancier retirement but I had more years in retirement.

 

[Jerry1]

I remember talking to a guy that retired on 300k at 60. I retired on 22k at 38. He had a fancier retirement but I had more years in retirement.

I came to the same conclusion. After turning 55, I realized that to significantly change my retirement life, I’d need to add about 10 more years to my work life. Just not worth it. I’m happy I retired early (57) and don’t regret the trade off.

 

[Time2]

In the almost 11 months of this year, our spending is $34,978. However our stock portfolio is up $401,000 YTD, I hope more before market close today.
Actually I'm surprised at the $34,978, I planned for $50,000 for the year, I guess I still have 6 weeks left to BTD.

 

[pb4uski]

All Is Lost, if you think this forum is only for the rich, check out this thread on the annual search to find the lowest price for tax preparation software.

Tax software deals

Yeah, but some people are simultaneously rich and [-]frugal[/-]cheap.

 

[pb4uski]

I came to the same conclusion. After turning 55, I realized that to significantly change my retirement life, I’d need to add about 10 more years to my work life. Just not worth it. I’m happy I retired early (57) and don’t regret the trade off.

Similar here but with a different perspective. Once we had plenty to live the nice lifestyle to which we had become accustomed without any risk of financial ruin, it never occurred to me to work longer to be able to spend more in retirement. My thinking was that from that point forward, any continued work was just making our kid's inheritance larger. Since I valued more free time higher than I valued a larger inheritance for our kids, I quit.

 

[finnski1]

Yeah, but some people are simultaneously rich and [-]frugal[/-]cheap.

I prefer frugal.

 

[pb4uski]

^^^ Like I tell friends, there is a very thin line between frugal and cheap and I try my best not to cross it.

 

[Time2]

^^^ Like I tell friends, there is a very thin line between frugal and cheap and I try my best not to cross it.

It's easy not to cross that line, just draw it where you want it.
You're going cross it in someones eyes, no matter where it's at.

 

[FLSUnFIRE]

^^^ Like I tell friends, there is a very thin line between frugal and cheap and I try my best not to cross it.

Frugal is ordering the burger instead of the steak. Cheap is stiffing the waiter.


To me the line is crossed when you are trying to get over on someone (to include yourself) to save a nickle.

 

[Gumby]

Frugal is ordering the burger instead of the steak. Cheap is stiffing the waiter.
.....

As clear and concise a definition as I've ever heard.

 

[4legsgood]

Frugal is ordering the burger instead of the steak. Cheap is stiffing the waiter.


To me the line is crossed when you are trying to get over on someone (to include yourself) to save a nickle.

That is great - going to borrow that lens on my own behavior.

 

[PatrickA5]

Frugal is ordering the burger instead of the steak. Cheap is stiffing the waiter.

.

Finally, proof that my FIL is cheap. On the rare occasions that he picks up the tab when the whole family goes out to eat, I try to peek at the tip he left. I always end up putting down another $20 or so.

 

[Chuckanut]

Originally Posted by REWahoo
Only my underwear...

.....but they have to be on sale!

Both of the above plus....

I only buy them on Senior discount day - 10% off.

 

[finnski1]

Frugal is ordering the burger instead of the steak. Cheap is stiffing the waiter.


To me the line is crossed when you are trying to get over on someone (to include yourself) to save a nickle.

Yes. That's a perfect example. I don't stiff waiters/waitresses. I am a fairly good tipper. I don't take my frugality out on other people. That is when it becomes cheap.
I'll be as cheap as I want to myself but not to others.

 

[PatrickA5]

As long as you don't post "I've got 5 million can I retire" you're good to go in my book. I've cut back on my posting but this is probably your best site.

I'm a sucker for those posts. The Bogleheads website has a couple every day. They usually start out with "I have 50x expenses saved up, but think I should shoot for 100x".

Truth is, the majority of retirees have SS and a small(ish) amount of savings and end up having happy retirements.

 

[candrew]

I prefer frugal.

I prefer *thrifty*.

 

[Chuckanut]

Yes. That's a perfect example. I don't stiff waiters/waitresses. I am a fairly good tipper. I don't take my frugality out on other people. That is when it becomes cheap.
I'll be as cheap as I want to myself but not to others.

Agreed. If I can't afford the price + tax + a minimum 15% tip I won't go to the restaurant.

The above does mean I will often stay home and cook for me and mine. So, I am not sure if I am doing the restaurant staff much good. I have a hard time paying $30+ for a meatloaf sandwich, fries and coffee for two.

 

[Major Tom]

Agreed. If I can't afford the price + tax + a minimum 15% tip I won't go to the restaurant.

+1

This is a slight thread drift, but it has been on my mind for a while. I also think of 15% as being a minimum tip. However, when I first came to the US in the mid to late 80's, I operated under the assumption that 10% was a minimum tip. Somewhere along the line, I began to realize that 15% was considered the minimum. Was my original thinking flawed, or did the generally recognized standard change?

 

[braumeister]

However, when I first came to the US in the mid to late 80's, I operated under the assumption that 10% was a minimum tip. Somewhere along the line, I began to realize that 15% was considered the minimum. Was my original thinking flawed, or did the generally recognized standard change?

Yes and no. What is considered a minimum tip varies by who is getting tipped.

15% was always the minimum in a restaurant where I grew up (NYC).
10% was considered a good tip for a cab driver, a delivery person, and many others.

 

[steelyman]

I think it’s 20% now for good service, at least that’s what I do (but it must be good service). I’ve gone higher since the pandemic hit under the belief that service staff have been hit especially hard.

 

[Ronstar]

OP wants to see how people with little means achieve FI. OP should continue to hang out here. While it may appear that most of us are loaded, the fact is that most of us started out with little $.


There is plenty to learn here about achieving FI from limited means.

 

[The Cosmic Avenger]

+1

This is a slight thread drift, but it has been on my mind for a while. I also think of 15% as being a minimum tip. However, when I first came to the US in the mid to late 80's, I operated under the assumption that 10% was a minimum tip. Somewhere along the line, I began to realize that 15% was considered the minimum. Was my original thinking flawed, or did the generally recognized standard change?

The tipped minimum wage has not increased since 1991, so tips have had to increase to keep up with 30 years of inflation. Sure, menu prices have increased, too, but the actual wage part has stayed stagnant, so if you take inflation into account the wage portion is actually shrinking.

Having lived only in HCOL areas (NYC and DC areas), I now consider 20% the minimum, and usually tip more like 25% if I'm happy with the service.